"It's a challenge. We know this. We will probably make mistakes, but the most important thing is to learn from them.

"We came to the conclusion that we didn't want to substitute [Martin], not because he is irreplaceable, but because we are the Maison Martin Margiela.

"He always liked to say to his design team, 'You are more Margiela than me.'"

While the mysterious Margiela has yet to issue a statement himself, rumors abound that the designer -- who famously avoided being seen in public -- was leaving the fashion world to pursue painting, sources say.

The fashion world had spent months speculating about Margiela's scaled-back role in the company, with designers Raf Simons and Haider Ackermann reportedly being considered as replacements.

According to Pugnetti, Margiela will continue to be "allied" with the fashion house, which, according to the paper, anticipates future opportunities in the interior design as well as fashion.

Cheer up, Margiela fans. It could be worse -- they could have brought in Lindsay Lohan!